crude oil price today. 07-05-2024.

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Crude oil price today down at the time of reporting. Brent oil futures prices for July delivery slipped 34 cents or 0.43 pct to $82.97 a barrel on London based ICE Futures Europe Exchange. WTI U.S Oil June futures prices slid 34 cents or 0.43 pct to $78.14 a barrel on NYMEX today. Both the benchmarks closed up yesterday, Clawed back some of earlier sessions losses. Brent traded at a premium of $4.85 a barrel over WTI during yesterday’s session.

Crude oil world benchmark price index curves slanted down today after going up yesterday. On fundamentals side, geo-political tensions remain keeping floor to oil price complex. Although Mediators struggled to secure ceasefire agreement, Physical market weakness countered the concern of conflict. As per Analysts, Truce remain elusive, even it is reached, question remain that Houthi hostilities in the red sea would cease and Suez-canal would reopen, significantly mitigating the shipping industry across the region. Crude markets rallied on Monday amid positive sentiment ignited by KSA price increase, Signaled strong demand. Strong dollar capped the rally. Turning to data side, Weekly data is awaited. Monthly numbers are expected at the end of the week.

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